Kuehne + Nagel’s profits rose by six per cent to 720 million Swiss francs ($715 million), helped by strong growth in the airfreight segment.

Airfreight earnings before interest and tax was up from CHF265 million in 2015 to CHF298 million in 2016 despite revenue dipping from CHF5.5 billion to CHF5.4 billion.

Airfreight tonnage increased 4.3 per cent to 1.3 million tonnes helped by products including KN EngineChain, a package for production and spare parts logistics as well as maintenance of aircraft engines, and new business for temperature sensitive, pharmaceutical and perishable products.

Company net turnover was down 1.2 per cent to CHF16.2 billion.

Kuehne + Nagel chief executive officer, Dr Detlef Trefzger says: “In a market environment characterised by multiple challenges, we were successful with our focus on customer requirements, our solution-oriented approach and our balanced service portfolio. In all business units we gained market shares while further increasing overall profitability.”

Chairman of the board of directors, Joerg Wolle adds: “Based on the 2016 full-year results, the company can look forward to the future with confidence. Competence, professionalism and the high level of commitment among all employees worldwide, a proven long-term strategy, efficiency and effective cost control are the drivers for success.”